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New research from the Property Council of Australia shows almost 70 per cent of voters fear younger people will never be able to buy a home.

The data, taken from a nationwide survey of more than 1100 people, revealed almost 90 per cent of people attempting to enter the property market cited affordability as the biggest barrier.

The survey shows almost 70 per cent of voters fear younger people will never be able to buy a home. (Nine)

Property Council Chief Executive Ken Morrison said housing affordability was a “wicked and complex” issue that required government intervention.

“This data paints a pretty sad state of affairs. Australians deserve better and the campaign we are launching today aims to send a message that we need action from all our political leaders to work with industry to deal with the situation,” Mr Morrison said.

“Our research shows four out of every five aspiring homeowners actually believe the dream of home ownership is unachievable, which you’d have to say is incredibly disheartening.

“It’s no wonder more than half of 18–34-year olds say it will be an important issue for them in deciding their vote, while another quarter felt it was one of the most important issues coming into the election.”

Many Australians now believe the dream of a house with a backyard is out of reach. (AAP)

Mr Morrison said there was no easy solution to easing housing affordability, but something needed to be done before an entire generation was priced out of the market.

“As a country, we need to get better at bringing on the new housing that our growing communities need. There is no single silver bullet and every level of government has a role to play here,” Mr Morrison said.

“With the right policy settings, we can deliver greater housing choice – including options for older Australians to live where their kids are now growing up, teachers and nurses who deserve to live close to work, and couples who want to find a home to raise their young families.

“Housing affordability isn’t a nice-to-have, it’s a must-have. Although people feel the dream is fading, we can actually turn it around. With the right decisions, we can in fact keep that dream alive for all Australians.”

On average it takes a dual-income household eight years to save for a deposit. (AAP)

Yesterday, Domain’s annual First-Home Buyers Report showed that on average it takes eight years for the average couple to save the deposit for their first home.

Over the past decade, house prices across Australia’s combined capitals increased by 101 per cent, while unit prices increased by 52 per cent.

Domain’s Chief of Research and Economics, Dr Nicola Powell, said the barriers to entry for young people were growing by the day.

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“First home buyers are facing a growing financial hurdle when it comes to saving a deposit, and this is becoming more daunting in the context of rising living costs, low wage growth, weak saving rates and the rapid rise in property prices,” Dr Powell wrote.

Source: 9News

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